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Japan Housing Starts Decline More Than Forecast

Japan's housing starts declined more than expected in July, data from the Ministry of Land, Infrastructure, Transport and Tourism revealed Thursday.

Housing starts decreased 2.3 percent year-on-year in July, in contrast to a 1.7 percent rise in June. This was also bigger than the expected drop of 0.2 percent.

Annualized housing starts declined to 974,000 from 1.003 million in June. The expected level was 99,000.

Meanwhile, construction orders received by big 50 contractors increased sharply in July. Orders logged a double-digit annual growth of 14.9 percent versus 2.3 percent rise a month ago.

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